Maple Gold Mines Ltd. “Maple Gold” or the “Company” - https://www.commodity-tv.com/play/maple-gold-reports-a-new-mineral-resource-estimate-at-douay/) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G) is pleased to announce that the first drill rig has arrived at the Project and has begun testing priority high-grade targets at the 531 Zone (see figure 1). Last year Maple Gold created a new 3D model that guided the decision to drill at the 531 Zone, where no drilling had been completed since 2007. The lone drill hol e at the 531 Zone during the 2019 winter campaign (DO-19-262) cut two zones of mineralisation (51m @ 2.81 g/t Au, including 16m @ 4.58 g/t Au and 9m @ 4.92 g/t Au; and 28m @ 2.55 g/t, including 9m @ 4.71 g/t Au – see press release June 5, 2019).
During the second half of the year the Company completed selective re-logging of drill cores from adjacent historical drill holes within the 531 Zone, including D-92-39, which included intercepts of 30m @ 3.3 g/t Au and 10m @ 5 g/t Au. The Company interprets these intercepts as being correlative with higher grade mineralisation in DO-19-262, which is both structurally and lithologically controlled. The 2020 drilling will aim to extend mineralisation to the south, southeast and at depth (see press release October 9, 2019). Total winter 2020 drilling at the 531 Zone is anticipated to include between 1,000 – 2,000 metres depending on initial observations and results (see figure 2 below).
Maple Gold’s President and CEO, Matthew Hornor, commented: “We are excited to have drilling now underway at the 531 Zone with plans to ramp up the program shortly. Our team has completed a very significant amount of technical work over the past 18 months to establish new models, a new resource estimate and optimise our targeting efforts at Douay. We are also encouraged that 2019 delivered the biggest year on record for M&A in the Canadian gold sector and firmly believe we are positioned for a strong year.”
The Company plans to mobilize one or two additional drill rigs during Q1 to begin testing priority targets within the Porphyry, Nika, and Main Zones. One of the primary objectives for this second phase of drilling will be to define additional near-surface mineralisation at higher than deposit-average grades to support initial scoping study work to commence later this year. Total drilling for the remaining targets within the known deposit area during the winter 2020 campaign is expected to include approximately 6,000-7,000 additional metres (more details will be released in the coming weeks).
In addition to the planned step-out and gap area drilling within the known resource area, the Company is also planning to allocate a portion of its 2020 exploration budgets toward making new gold discoveries elsewhere on the property. The Company will provide more details shortly on geophysical surveying work that is now underway about 6km NE of the Douay deposit’s 531 Zone.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work. Click the following link to review the Company’s QA-QC standards and protocols: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement.
About Maple Gold
Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s ~355 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource that remains open in multiple directions. For more information please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
“Matthew Hornor”
1. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward Looking Statements:
This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective mineral potential of the Porphyry Zone, the potential for significant mineralisation from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
During the second half of the year the Company completed selective re-logging of drill cores from adjacent historical drill holes within the 531 Zone, including D-92-39, which included intercepts of 30m @ 3.3 g/t Au and 10m @ 5 g/t Au. The Company interprets these intercepts as being correlative with higher grade mineralisation in DO-19-262, which is both structurally and lithologically controlled. The 2020 drilling will aim to extend mineralisation to the south, southeast and at depth (see press release October 9, 2019). Total winter 2020 drilling at the 531 Zone is anticipated to include between 1,000 – 2,000 metres depending on initial observations and results (see figure 2 below).
Maple Gold’s President and CEO, Matthew Hornor, commented: “We are excited to have drilling now underway at the 531 Zone with plans to ramp up the program shortly. Our team has completed a very significant amount of technical work over the past 18 months to establish new models, a new resource estimate and optimise our targeting efforts at Douay. We are also encouraged that 2019 delivered the biggest year on record for M&A in the Canadian gold sector and firmly believe we are positioned for a strong year.”
The Company plans to mobilize one or two additional drill rigs during Q1 to begin testing priority targets within the Porphyry, Nika, and Main Zones. One of the primary objectives for this second phase of drilling will be to define additional near-surface mineralisation at higher than deposit-average grades to support initial scoping study work to commence later this year. Total drilling for the remaining targets within the known deposit area during the winter 2020 campaign is expected to include approximately 6,000-7,000 additional metres (more details will be released in the coming weeks).
In addition to the planned step-out and gap area drilling within the known resource area, the Company is also planning to allocate a portion of its 2020 exploration budgets toward making new gold discoveries elsewhere on the property. The Company will provide more details shortly on geophysical surveying work that is now underway about 6km NE of the Douay deposit’s 531 Zone.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work. Click the following link to review the Company’s QA-QC standards and protocols: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement.
About Maple Gold
Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s ~355 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource that remains open in multiple directions. For more information please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
“Matthew Hornor”
1. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward Looking Statements:
This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective mineral potential of the Porphyry Zone, the potential for significant mineralisation from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
